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TD Bank joins Royal Bank in increasing fixed mortgage rates

TD Bank has raised its fixed mortgage rates, ahead of a similar move by the Royal Bank of Canada as the costs of borrowing rise.

TD spokeswoman Cheryl Ficker says the lender has raised its special rate offer for a four-year fixed mortgage by five basis points to 2.44 per cent and a five-year fixed mortgage by 10 basis points to 2.69 per cent.

RBC has said that as of Thursday, its special offer for a four-year fixed rate mortgage will rise by 30 basis points to 2.79 per cent and a five-year fixed mortgage rate will be 2.94 per cent, an increase of 30 basis points.

The bank’s changes are based on amortization periods of 25 years or less.

The mortgage rate hikes come amid a sell-off in the bond market and recent federal mortgage rule changes that have made it more expensive for banks to get access to cash.